Treasury heads of 10 banks face fine

Bangladesh Bank has imposed a fine of Tk 1 lakh each on the treasury heads of 10 banks due to their alleged involvement in US dollar rate manipulation.

The treasury heads of Social Islami Bank, Al-Arafah Islami, Mercantile, Modhumoti, Midland, Brac, Exim, Premier, Shahjalal Islami and Trust will face the fine. 

A senior official of the central bank seeking anonymity told The Daily Star that their explanation was not satisfactory about their involvement in the US dollar rate manipulation.

That is why the central bank imposed the fines as per the section 109 (7) of the Bank Company Act 1991, he added.

Before the move, the banking regulator on September 18 asked 10 banks' managing directors to explain why their treasury heads should not be penalised for their involvement in dollar rate manipulation this year.